The report “Activated Carbon Market by Type (Powdered Activated Carbon, Granular Activated Carbon), Application (Liquid Phase Application, and Gas Phase Application), End-Use Industry, Raw Material (Coal, Coconut, Wood, Peat), and Region – Global Forecast to 2030″, is projected to grow from USD 4.4 billion in 2023 to USD 8.4 billion by 2030, at a CAGR of 9.8% during the forecast period. The increasing global population and improving living standards contribute to a heightened demand for clean air and water. Hence, there is a rise in the purification of both air and water, which drives the activated carbon market during the forecast period. Additionally, factors such as the growing food and beverage industry, recovery of the automotive sector, and strict government regulations further propel the market for activated carbon.
Key Market Players
Diagas Group (Japan), Kuraray Co., Ltd. (Japan), Haycarb PLC (Sri Lanka), Norit (Netherlands), Kureha Corporation (Japan), BASF SE (Germany), Albemarle Inc. (US), Ingevity (US), Iluka Resources Limited (Australia), Tronox Holdings Plc (US), Evoqua Water Technologies LLC (US) and other leading companies in this market.
Europe is projected to be the third largest region during the forecast period.
Europe serves as a manufacturing hub for prominent pharmaceutical companies. The pharmaceutical industry in the region is primarily propelled by rising investments in research and development (R&D), significant expenditures on pharmaceuticals, and a rapidly aging population. Regulatory oversight from the European Medicines Agency (EMA) ensures adherence to stringent standards regarding drug purity and quality, thereby stimulating the demand for activated carbon within this sector.
Activated Carbon Market Dynamics
- Drivers: Rising need for pollution control to generate demand for activated carbon
- Restraint: Scarcity of raw materials leading to increase in price of activated carbon
- Opportunity: Reactivated carbon to provide lucrative opportunities to producers of activated carbon
- Challenge: Weak economic conditions to decrease industrial growth
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